1/ I am sharing here an extract of my report on $IREN earnings. Better late than never. There's a bonus with my PTs at the end of the thread

TL;DR
Story: Unchanged. Price action: down 25%, Action: hold.

$IREN reported Q2 FY2026 results that reflect a company deep in its transformation from BTC miner to AI Cloud platform. Revenue came in at $185M (down 23% QoQ), driven by declining BTC mining as GPUs replace ASICs, while AI Cloud rev more than doubled to $17M. The net loss of $(155.4)M is almost entirely noise, $219M in non-cash/one-time items from convertible note mechanics and a debt conversion inducement expense.

The real story is what happened outside the P&L: $3.6 billion in GPU financing secured at <6%, a new 1.6GW site in Oklahoma, and $2.3 billion of AI Cloud ARR now under contract. They're on track to deploy 140k GPUs by end of CY2026, targeting $3.4B in AI ARR.

I am not concerned at all about the short term price action and holding my shares tight. If anything, I plan to add slowly as this, market wide, sell off resolves. 2/ Expectations vs. Reality Scorecard
In my expectations piece (sent before earnings), I estimated a 60% chance of positive capacity-related news and a 30% chance of a binding deal on par with Microsoft. Here's how each item landed:

When I size a position into the 7-figure range (think $APP, $IREN, $LMND), I run a simple 7-step checklist.

Not every name passes cleanly, but nothing scales without clearing a high bar.

Here’s the framework: 1) Business clarity
Can I explain in 2-3 sentences how this company makes money and why customers stay? If I need a 20-slide deck to justify it, I’m not ready to size it up.